Auto Amazon Links: No products found.
BP has abruptly removed its chairman, Albert Manifold, amid serious concerns including allegations of “bullying” and an “overbearing” attitude, according to sources familiar with the matter. The oil company formally cited breaches in key governance standards, oversight, and conduct as reasons behind the immediate dismissal. Manifold’s tenure at BP was notably brief, having joined the board less than a year ago.
The company refrained from explicitly confirming whether Manifold’s alleged bullying behavior was the direct cause for his exit. Efforts to obtain comments from Manifold have so far been unsuccessful. Someone close to BP described the decision as a significant and rare action, implying the gravity of the circumstances that compelled the board to act swiftly. Amanda Blanc, BP’s senior independent director, expressed the board’s shock and disappointment upon discovering governance and conduct issues considered unacceptable, noting that decisive measures were taken.
Following the announcement, BP’s shares dropped roughly 5%. Ian Tyler, also a senior independent director, has stepped in as interim chair immediately. Manifold began his role as a non-executive director in September 2025 before quickly ascending to chairman the following month, at which time BP highlighted his extensive experience in strategic leadership and operational execution. His departure coincides with a report of BP’s profits doubling due to a surge in oil prices amid the Iran conflict, with the company posting earnings of $3.2 billion in the first quarter of the year.
Manifold’s removal trails notable shareholder resistance at BP’s recent annual general meeting, where nearly 20% of shareholders opposed his election amid worries over governance. Part of the discontent stemmed from BP’s refusal to put forth a climate-related shareholder resolution, which Manifold said had not been properly submitted. Russ Mould, investment director at AJ Bell, pointed out that not all investors welcomed Manifold following his predecessor’s departure, referencing the substantial share of dissenting votes and governance firm recommendations against Manifold’s appointment. In addition to governance issues, moves to shift AGMs online and alter climate reporting practices were also poorly received. BP has announced it will soon initiate the search for a permanent chair. Interim chair Tyler emphasized the board’s strong commitment to the company’s strategic plan and praised CEO Meg O’Neill’s leadership since her appointment last December, including her efforts to simplify BP’s organizational structure.
O’Neill replaced Murray Auchincloss, who himself had succeeded Bernard Looney. Looney stepped down in 2023 after uncovering serious misconduct related to undisclosed relationships with colleagues. Manifold had been chairman when O’Neill was hired, and there has been no indication that her role or BP’s strategic direction will be affected following his departure
Read the full article from The BBC here: Read More
Auto Amazon Links: No products found.
